Mizuho raised the firm’s price target on WEC Energy to $89 from $86 and keeps a Buy rating on the shares. Utilities underperformed the S&P 500 Index in 2023, but the recent federal pivot has indicated rate cuts will occur in 2024, leading Mizuho to believe the sector is poised to outperform the market, the analyst tells investors. While most macro headwinds appear to have cleared, investors should focus on regulatory jurisdictions, the firm says. Mizuho’s key investment theme for 2024 is “location matters,” as the firm believes any decline in interest rates may cause regulators to trim return on equity.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on WEC:
- WEC Energy Group announces plan to increase dividend by 7 percent
- WEC Energy price target lowered to $86 from $88 at Mizuho
- Ameren, Exelon slide as Illinois Commerce Commission holds meeting
- Ameren, Exelon drag on Utilities in midday trading
- WEC Energy price target raised by $1 at Barclays, here’s why